Yes, with Spaceship you're generally able to buy and sell US securities in fractional amounts.
However, fractional shares/units aren't transferable to other brokers. You can learn more about transfers here.
What are fractional shares/units?
Fractional shares/units refer to partial or fractional ownership of a single share of a company's stock or a single unit in an ETF.
Traditionally, shares/units are typically purchased in whole numbers, such as one share or five shares. However, fractional shares/units allow investors to buy and own a portion of a share/unit, even if they can't afford to purchase a whole share/unit.
Example: Let's say Tesla's stock is trading at $400 per share, but you only have $100 to invest. With fractional shares, you can purchase a quarter of that stock (0.25 units) for $100. (This example doesn't account for fees or other costs.)
Fractional shares may have limitations, such as restrictions on voting rights. These can vary depending on the brokerage and the specific stock being traded.
Holders of fractional shares/units are entitled to dividends and distributions proportional to their holding.
Ownership of fractional shares
Fractional shares/units are held in your name with our brokerage provider and kept in custody, just as whole shares are. You can learn more about the custodian model here.